Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013 (118 of 2013)

Schedule 1   Fairer taxation of excess concessional contributions

Part 4   Repeal of excess concessional contributions tax

Income Tax Assessment Act 1997

63   Section 292-405

Repeal the section, substitute:

292-405 Release authority

(1) As soon as practicable after making an *excess non-concessional contributions tax assessment for a person, the Commissioner must give the person a release authority in respect of the amount of *excess non-concessional contributions tax the person is liable to pay in accordance with the assessment.

(2) A release authority must:

(a) state the amount of *excess non-concessional contributions tax that the person is liable to pay as a result of the assessment; and

(b) be dated; and

(c) contain any other information that the Commissioner considers relevant.